Dormant Bitcoin Wallets Stirring Again, Moving Over $40 Million

Bitcoin's dormant wallets are stirring again, as six wallets untouched since 2011-2014 moved a combined 553.59 BTC worth around $40 million between August 16 and 26, according to Galaxy Research.

The majority of these old coins skipped exchanges, with five out of the six sending their bitcoin to addresses with no known exchange links.

This movement follows two unusually busy years for dormant bitcoin, which saw levels rivaled only by the 2017 bull market. However, the amount of dormant bitcoin moving on-chain fell in the second quarter to its lowest level since Q3 2022.

The slowdown is attributed to the 'great distribution' seen in 2024 and 2025, with 2026 on pace to see less than half as much dormant bitcoin move as last year. While movement does not necessarily mean selling, it has sparked fears that early holders are cashing out.

The wallets' owners may have been prompted to move their coins due to a flaw in certain Coldcard hardware wallets disclosed in late July. The vulnerability made poorly generated wallet keys easier for attackers to guess, prompting some users to move bitcoin into newly created wallets or regulated custody.